Buying Property Without a Bank

HouseForSale

Podcast Episode 81:
Agreements for Sale 2.”

I introduced Agreements for Sale (AFS) in a previous blog post and podcast, and now it’s time to review with a bunch more examples. In essence, AFS is a type of seller financing and is sometimes called a bond for title or contract for deed. The seller retains the title, but the buyer takes control of the property—all without needing a bank. Nowadays, this technique is uncommon, but it used to be more popular during and immediately after the Great Depression. Take advantage of this little-known strategy to find great Creative Investing opportunities!

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What is Rent-to-Own?

For Rent sign in front of a house.

Podcast Episode 80:
Rent-to-Own.”

Rent-to-Own (abbreviated as RTO and often interchangeably called a Lease-Option) is a two-part strategy. You start with a lease (the ‘Rent’ part) and add an option to purchase (the ‘Own’ part). In a Rent-to-Own scenario, the renter is, for some reason, unable to finance at the moment. Examples of financing problems are: bad credit, not enough down payment, self-employed, new job, or new immigrant. Yet, all these tenants want to make the transition toward home ownership immediately, usually for personal or emotional reasons.

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Creative Investing

Buying Real Estate

Podcast Episode 79:
Creative Real Estate Strategies.”

What is Creative Real Estate Investing? It is a method for making money with real estate that uses strategies like Rent-to-Own, Agreements for Sale, and Wholesaling, among others. This is an area not too many people know about, but it offers some tremendous opportunities. One of the things that differentiates Creative Real Estate Investment from the traditional Buy & Hold approach is that it works on a much shorter timeline.

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Assignments: Clever Investment Strategy or Malicious Shadow Flipping?

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Happy Canada Day!

Podcast Episode 78:
“Contract Assignments.”

The practice of selling one’s interest in a real estate purchase contract—a.k.a. an assignment—has been getting a lot of bad press in BC lately. In fact, the situation there may be changing thanks to government intervention. Contract assignments are a widely used and entirely legal procedure, but the laws governing them vary by location. We’re discussing BC, and then focusing on Alberta here. As always, the principles I explain are widely applicable—as long as you consult your local regulations.

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Title Insurance

HomeInsurance

Podcast Episode 77:
Is Title Insurance Worth It?

In Western Canada, title insurance was created to cover problems with real property reports, but did you know that it also covers many other issues? In this Tale, we have a case where the lender got title insurance, but the buyer/homeowner did not. When there was a $21,000 claim made regarding gap registration, the matter went to court. This problem could have been avoided with a mere $50 of extra insurance! Many of the Tales I tell are like this one, which is all about helping you avoid other people’s mistakes.

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Asset Planning & Protection

Money Frog

Podcast Episode 76:
The Power of Trust.

I’ve got a real bee in my bonnet about Asset Planning & Protection (APP). I have done Focus Workshops all about Legacy Planning, Asset/Corporate Structure, Insurance, and Tax Planning, but now it’s time to bring this focus back to my blog and podcast. It’s hugely important for all of us, but we are all so busy buying, selling, and managing real estate that APP always takes a back seat. I want you to have a much better general understanding of Asset Planning & Protection. Are we trying to turn you into lawyers, accountants, financial planners, or tax experts? No, absolutely not. But we are trying to help make you more informed and prepared!

Download the audio file HERE and the text/handout HERE.
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What to Do About Foreclosure

mortgage default foreclosure

Podcast Episode 75:
Help, I Can’t Make My Mortgage Payments!”

To mark the 75th episode of Tales from the Trenches, we have a Special Extended Edition all about foreclosures. This Tale is so packed full of helpful information that it had to be nearly half an hour long! The recent economic downturn in Alberta triggered by a collapse in oil prices means that many people are faced with a dilemma: what do you do if you can’t make your mortgage payments? It’s best to be proactive and not wait for the bank to come calling, and this Tale will help you figure out some options. We’ve also got some creative solutions for real estate investors that can help them keep their businesses above water in tough times.

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Financing Conditions

Financing

Podcast Episode 74:
Unconditional Mortgage Commitment:
Are You Sure?”

Sometimes a “sure thing” can come apart at the last minute. In this Tale, we have a buyer who found her dream home and was all ready to purchase. Or so she thought! Unfortunately, an inspection revealed major problems with the foundation. She was able to negotiate a reduction in purchase price, and so she went unconditional on the deal. But then the bank pulled her fully approved financing and left our buyer scrambling to save her dream home—as well as her $60,000 deposit. In the end, she found a solution, but this could have gone better if she had kept her financing condition on the deal until she was surer of the situation.

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Do You Need a Land Survey to Sell a Property?

RealProperty-Report

Podcast Episode 73:
Real Property Reports and Sellers.”

Did you know that a land survey certificate of building locations on a property is no longer valid if there have been improvements like a deck or a garage? In the Canadian province of Alberta, an up-to-date Real Property Report (RPR) is a requirement built into the standard sales contracts used by realtors. As a seller, you either need to get a current RPR or find a way to amend that clause. In this Tale, we have two sellers who had to deal with their RPRs being out-of-date.

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Real Estate Investing Workshop

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Trying Times Call for
Creative Investment Strategies.

Do you find my free content valuable? Would you like to receive exclusive and intensive coaching from me on real estate investing? I’m pleased to announce that I’ll be doing a one-day workshop focused on Agreements for Sale (AFS): June 18th, 2016, in Calgary, Alberta, Canada.

AFS is a creative real estate strategy designed to buy with seller financing, leverage your under-performing properties, and put more money in your pocket! You will learn little-known secrets that can help you tap into new sources for buying and selling.

To learn more and/or register, visit the Real Estate Investment Network (REIN) website using the link below. Don’t delay; this workshop is limited to 50 people!
http://s.reincanada.com/www/store/detail/RCP-Focus-Workshop-Agreements-For-Sale